Administration Plan Would Rein In For-Profit Colleges

WASHINGTON—The Obama administration is striking at for-profit colleges and other career-training schools, proceeding with a plan to strip federal funding from institutions whose former students default on their loans at excessive rates.

The move, set to be unveiled Friday, targets schools that fail at their mission of preparing students for what the administration calls "gainful employment," instead leaving them deep in debt and with weak job prospects. The Education Department's new rules would apply to most...